What a whirlwind summer. We have lots to update you on. Let's start with business!
All clients purchasing with less than 20% will be expected to qualify at the 5 year BOC Benchmark rate (4.64% currently). How does this effect our average local buyer? Here's an example of the impact of the new rule:
Currently a client making $50,000.00 verifiable, gross annual income (assuming no or minimal other debt) would qualify for an approximate purchase price of $300,000.00 with a $15,000.00 (5%) down payment.
As of October 17, the same client will qualify for an approximate maximum purchase price of $235,000.00 with the same $15,000.00 down payment.
The new rule has effectively reduced that particular individual's purchasing power by $65,000.00.
The new rules impact ALL buyers and home owners not just the ones with less than 20% down. (Even more rules are coming with the B20 policy institution)
Most lenders have tossed their rental programs, which means that we can ONLY finance rental properties through the banks and credit unions... which means these lenders will increase their interest rates on these products (because now they have no competition for these clients). Buy rentals now. Rental rates are going to increase because less people will qualify to purchase homes.
Pre-approvals are not valid. It is not the time to wait to put in an offer.
A broker/lender will not be able to secure an approval on the last day... it's going to be very busy so try to make sure that you are fully approved before the 17th.
Rates are going to increase simply because there will be less competition in the marketplace.
If you are buying new construction and closing after October 17th (especially with less than 20% down)... you must be fully approved before October 17th. If you make any changes, the mortgage will likely collapse. Construction must complete before March 1st.
The twelve month average sale price of a Comox Valley home is $401,720, up 11% from 2015 and over $400,000 for the first time. The average lot price is $177,933, up 1%. If you purchased an ‘average’ home in 2006, you paid $293,254. If you bought an average lot in 2006, you paid $149,128.
In the 12 months ending September 30th, 2016, there were 2050 sales of all property types, a 29% increase over 2015. The highest number of annual sales was 2256 in 2007. The lowest was 879 in 1998. 2016 is only the second year of above average sales numbers since 2007. The twenty-two year average is 1533.
On a personal note, we are excited to announce that we are expecting our first baby December 2016. We will also be completing our new home build at the same time. This has been an incredible learning experience for us and, at times, an exercise in patience... all while dealing with morning sickness! There will be more exciting news in our November e-Newsletter.
We hope you enjoyed some lazy summer days and have had a cozy start to fall. The real estate market has been showing no signs of slowing down, and it is left to be seen how the new mortgage rules will effect our local real estate market. Follow our Facebook page for sneak peaks on new listings, sales information, contests, blog updates and more.
5023 SPENCE ROAD
Listed at $399,900
Sold for $360,000
1962A QUENVILLE AVENUE
Listed at $749,900
Sold for $755,500
2883 RUSLAND ROAD
Listed at $389,900
Sold for $405,000
Through the good, the bad and the downright ugly I am so thankful to have an experienced real estate group our side. We wouldn't have been able to finally pull the trigger if it wasn't for the constant support, answers to our never ending questions and the great industry insight Jasmen and Jakob provided. We ended up having some losses but ultimately ended up purchasing a house that we love and have been turning it into our dream home!
- Chloe & Adam
Site preparation is underway for the expansion to Berwick Comox Valley. It is hoped that the building permit application will be approved within the week. Once it has been issued, the concrete will be poured for the foundation. An Expression of Interest has been issued by the owner who is seeking bids for some sub trades. This EOI closes on Sept. 30 and tenders are expected to be sent to interested parties the following week. Follow the link for more development information on other local projects on Building Links.
Rural paradise on 1.63 acre just minutes to town, beaches, Crown Isle, Costco, new Hospital, & YQQ. Dream location features total privacy with mature landscaping, fruit trees, lots of sun, 2 sheds & tree lined lot (and room for a detached workshop). An open plan kitchen with views of the gardens, wood counter tops, painted cabinets, 8ft eating bar island and access to newer wrap around wood deck. Fine finishing throughout including exposed timber vaulted ceilings, wide plank flooring, designer lighting, fireplace, and skylight window. Ground level spacious family room is excellent hobby/play room or could easily be converted to a large master with 3pc ensuite.
Custom waterfront stunner on .68acre highbank lot. You'll be swept away with the panoramic Ocean & Mountain views in this area of fine homes. Excellent curb appeal with stucco, cedar, stone, hardi & metal. Sweeping views of the Salish Sea throughout. Great room features 15ft wall of windows, tiled wall with a fir mantle & modern fireplace - open concept entertainer's dream. Kitchen features 10ft quartz & walnut island, walk in pantry, tile backsplash, in-cabinet lighting. Main floor includes a guest room, oversized laundry, & powder room. Master on main boasts ocean views, walk through closet and spa bathroom with built shower, soaker tub, double sinks and heated floors. Upstairs are 2bdrms, 4pc bath, office & huge bonus room with wet bar & balcony. Features 6ft crawl, heat pump, zone sound system, alarm, sprinkler system.
Low maintenance living in the heart of town on Courtenay's Airpark & River Walk. Warm neutral colours welcome along with crown mouldings, complimentary laminate floors, plenty of windows and pot lights. Take in the outdoors with 2 balconies plus a main level patio. Ground floor offers a single car garage, new family room Y a bathroom. Up a flight of stairs to the main level offers a generously sized living room with gas f/p, kitchen and dining. The top floor offers the sleeping quarters with two generously sized bedrooms. The master suite has space galore, 2 closets and a 4pc bathroom with skylight, separate soaker tub & shower. The 2nd bd also offers a 4pc ensuite.
Updated seaside family home with over 4200sqft on 3 stories & on .34acre lot reaching to the waterfront. Extensive wainscotting, hardwood flooring, gas f/p. Completely renovated kitchen with new appliances, granite counters, wood cabinets, eating bar, tile backslash & ocean views. Hearth room with wood burning stove offers space for entertaining & family time. Main level also includes a 2pc, office, laundry room & double garage. Top level offers master bedroom with 10'5x7'4 walk in closet, 5pc lux ensuite & private balcony, plus 3 bedrooms, 4pc bathroom & huge bonus room over garage. Ground level offers lots of family room, bedroom & huge bonus room... & a 1bdrm in-law suite.
$749,900
1637 Foxwood Drive Charming curb appeal in this 3000+sqft home with mature landscaping, painted wood shingle siding, bay window, & garage trellis. Fenced back yard with towering trees, raised garden beds, detached garden shed, sunny raised wood deck and hot tub patio. Main level entry with foyer to formal living and dining room with separate bright kitchen and nook . This floor also offers a mudroom, 2 extra bedrooms and a shared 4pc bathroom and master bedroom with walk in closet and private ensuite. There is a full height finished basement featuring large family room, kitchenette, 2 more bedrooms, storage, a sauna, lots of windows & exterior access.
Deer Lodge freehold 3bd home away from home on the slopes of Mount Washington. A bright 2nd floor corner condo on Linton's Loop ski run. Beautifully updated home comes complete with all furnishings. 1 bedroom with a bathroom & mini kitchenette can be locked off from main unit & rented out separately. Sleeping accommodation is suitable for up to 9 people. Propane fireplace, open floor plan, in-suite laundry, underground secure parking, storage locker, and a hot tub in the complex. There is a front desk, rental pool and caretaker. Enjoy a wide array of activities from downhill & nordic skiing, snowshoeing, tubing, mountain biking, and hiking.
This Lot is split by the Comox Valley Parkway at 29th St. The lot on the North side is 4.67 Acre (taken from Landcor assessment) with the other lot on the South side being 1.07 Acre (taken from Landcor assessment). North side Lot zoned Country Residential One, with this size lot you have potential to build two detached dwellings. The smaller lot is within the city of Courtenay and the larger is managed by the Comox Valley Regional District. Lot 6 is in the Arden local water service area. Both can be accessed by Comox Logging Road which is maintained by the Ministry of Transportation if you fill out required permit application which is free of charge. One PID number for both lots.
$337,500
We are excited to now offer our new referral rewards program. A great deal of our business is built on recommendations from our past or current clients and network. It is important to us that we continue to reward those that referred us to new clients, resulting in a completed real estate transaction.
We will now be running a bi-annual draw valued at $1,000.00. We drew one in June and look forward to our next in December.
For each successful referral that you send us, we will add your name (3 referrals = 3 entries). Your entry will remain in the pool every draw until eventually the entry is selected for a prize.
